The Small Business Tax Help Blog

Posts Tagged ‘business_entity_types’

Question: Tax Question for an LLC?

I have a company that sells software online to fx traders in 2008?

Revenues: $ 74,952.00
Expenses: $ 13,123.66
Net Income: $ 61,828.34

What would the total tax be for a “single member LLC” in Illinois
Which includes federal, state, and self-employment taxes?
And any other taxes that I might be forgetting.

Thanks

Answer: You’ll need to file a separate return using your EIN. The LLC return should produce a K-1 form. You would pay your income tax showing the net proceeds from the K-1.
The rough estimate on the Fed portion of the LLC will be between 25-30% of your net income.

U.S. Economy: Manufacturing, Jobless Claims Point to Slowdown

Reports on U.S. manufacturing, employment and home sales pointed to slower growth in the second half of the year, just as government spending to stimulate the economy begins to wane.

Ch. 4 LLC & Self Employment Tax

Question: How can I purchased a used car using my business name and tax id number instead of using my social security #?

I’m trying to purchase a car in my Corporation name only with out using my personal credit. Do anybody no the first step to this and any lenders that do this type of financing

Answer: There are substantial tax benefits for the company (not you) owning the car, so it's wise to pursue this.

Your ability to purchase the car using your company's credit and without your own personal guarantee will depend on your firm's size, number of years in business, gross sales, profits, and more.

If you can put enough money as a down payment, you will increase your chances of doing this.

Even if you can't swing the deal without your personal guarantee, it will likely be a good thing to have the car in the firm's name. Check with your CPA for details on tax benefits and how to structure it.

CT-Payment adds Telus business unit to its growing credit, debit processing business

REPENTIGNY, Que. - Telus Corp. (TSX:T) has sold its Assure card processing business, which handles credit and debit transactions between merchants and financial institutions, to CT-Payment Inc. of Repentigny, Que.

How to File Your Taxes Online : Tips on Different Income Tax Types